California real estate group buys Watermark at Indian Lake Village apartments

Sep. 26, 2013

Written by

The Tennessean

An Irvine, Calif.-based real estate investment trust has purchased the Watermark at Indian Lake Village apartment community in Hendersonville for $29 million, adding a second Nashville-area property to its more than $1 billion in assets.

Steadfast Income REIT renamed the 206-unit community at 120 Cinema Drive as Cantare at Indian Lake Village. Nine months ago, Steadfast paid $8.4 million for the 90-unit Keystone Farms at Brentwood off Nashville’s Edmondson Pike.

Locally, 19 apartment communities representing 5,300 units have changed hands this year for a total of $514 millon, reflecting continuation of last year’s strong investment sales activity. For all of last year, there were 40 multi-family sales of a total of 9,500 units valued at $700 million based on tracking by Steve Massey, a multi-family broker at commercial real estate firm CBRE in Nashville.

“Nashville continues to attract a large number of national investors that want to be in this market,” he said, citing the area’s nationwide ranking for job growth.

Steadfast, which passed the $1 billion-asset milestone after acquiring a pair of apartment communities in Ohio and Kentucky this month, bought the Watermark at Indian Lake from Indianapolis-based Watermark Residential.

Getahn Ward covers growth and development. He can be reached at 615-726--5968 or at gward@tennessean.com. Follow him on Twitter @Getahn.